September 11, 2019, Meeting Minutes

HELD ON SEPTEMBER 11, 2019 AT 5:00 P.M.

Present: Thomas Scanlon, Robert Moynihan, Patrick Burns, Philip Mantoni, Haskell Kennedy, Attorney Alfredo ViVenzio, Executive Director, Susana Baltazar, Judy Dziobek, Recording Clerk, Miguel Reyes, Attorney Charles Cassartello, Greg Superneau

Chairman Scanlon called the meeting to order at 5:00 P.M.

Agenda Item #1-Minutes
Motion made by Moynihan to approve the minutes of the meeting held on August 7, 2019, second by Kennedy and voted unanimously.

Agenda Item #2-Accidental Disability Application-Miguel Reyes-Department of Public Works
Motion made by Mantoni to accept the responses of the medical panel, the evidence of the Accidental Disability Application and approve the disability benefits for Miguel Reyes, second by Kennedy and voted unanimously.

Agenda Item #3-Superannuations
Motion made by Moynihan to accept the following Superannuations: Deborah Ainsworth, Paraprofessional, School Department with 23 years and 10 months as of 11/1/19; John A Cirelli, Rink Manager, Park Department with 40 years as of 10/26/19; Maureen Neal, After School Coordinator, Park Department with 21 years and 10 months as of 8/30/19;Cheryl Reed, Paraprofessional, School Department with 11 years and 11 months as of 8/7/19; Kathleen Sheehan, Chief of Litigation, Law Department with 16 years and 11 months as of 9/5/19; Lois Stanley, Real Estate Analyst, Board of Assessors with 32 years and 5 months as of 9/20/19; Lauren Thompson, Occupational Therapy Assistant, School Department with 18 years as of 9/6/19, second by Kennedy and voted unanimously.

Agenda Item #4-Warrants
Motion made by Mantoni to approve and reaffirm the following warrants: Warrant #42 Transfers in the amount of $9,782.66, Warrant #43 Refunds in the amount of $192,884.86, Warrant #44 Expenses in the amount of $55,095.60, Warrant #45 Retiree payroll in the amount of $6,739,289.59, and redemption from the PRIT fund in the amount of $5,075,000.00, second by Kennedy and voted unanimously

Agenda Item #5-Refunds/Transfers to Other Systems
Motion made by Moynihan to approve the twenty-two (22) requests for refunds and transfers to other systems. The names have been submitted to their particular Department, the Law Department and the Massachusetts Department of Revenue, second by Burns and voted unanimously.

Agenda Item #6-Director’s Report
Executive Director Baltazar informed the Board that the PERAC disability approval for Alberto Ayala-Police Department; the PERAC approval for 12(2)(d) benefits of Linda Camano-School Department; and the PERAC approval for Section 9 benefits of Harold Kane–Fire Department were received. Ms. Baltazar also informed the Board that the NPEA Conference will be held in Naples, FL from October 19, 2019 through October 23, 2019, as well as a PERAC Administrator’s seminar on October 31, 2019 in Northampton, MA. Ms. Baltazar also reminded the Board of PERAC’s Emerging Issues Forum on September 12, 2019.

Paul Todisco from PRIM will be attending the October 9th Board Meeting for an Investment Performance Review, as well as Michael Nelligan from Powers and Sullivan, who will be discussing their audit of the Springfield Retirement System. Ms. Baltazar updated the Board on the PRIT year to date performance. The contracts for New England Archives Center and Pitney Bowes were reviewed and signed for continued services.
The Executive Director presented a policy in draft form to be adopted by the Retirement Board. This policy would be applicable to future Excess Earners beginning with the calendar year of 2019. This policy would also be effective to anyone who is subject to any other offset payments due, as well as other matters not covered in PERAC Memo #14-2018. Motion made by Moynihan to adopt the following policy as amended, second by Kennedy and voted unanimously: INTEREST POLICY ON REPAYMENT OF MONEY DUE RETIREMENT SYSTEM-The Springfield Retirement Board at the meeting on September 11, 2019, voted to adopt an interest due policy on any monies due the Springfield Retirement System. This policy shall henceforth be applied to payments due the Springfield Retirement System for the matters which follow: 1) Excess Earnings for disability retiree–M.G.L. c. 32 Section 91A-Disability Retiree owing excess earnings payment may request to have his repayment deducted from his retirement allowance. A Disability Retiree who requests to have his excess Earnings deducted from his retirement allowance must do so in writing. Repayment request will be allowed up to a maximum of eight (8) months for money owed to the System. In addition to the excess earnings amount, the retiree will also pay interest on said earnings at the current Buyback Interest Rate for the current year. 2) Payments due for offset pursuant to M.G.L. c. 32 Section 14 & 14A, not paid as one lump sum amount, will incur interest at the Buyback Interest Rate for the current year. 3) Buyback Interest will also be due for any other matters coming before the Retirement Board not covered by the above or provided for by M.G.L. c. 32 or a P.E.R.A.C. (Public Employee Retirement Administration Commission) Regulation.

Agenda Item #7-Attorney’s Report
Attorney Vivenzio informed the Board that he has received appeal notices from DALA for Lori Lefebvre, Brian Devivo and Michael Basile.

Agenda Item #8-Old Business

Agenda Item #9-New Business

F. Y. I. PERAC Memos, #21-Cost of Living Increase for Supplemental Dependent Allowance Paid to Accidental Disability Retirees and Accidental Death Survivors, July PRIT Fund Update, Trial Balance, Adjusting Entries, Receipts, Disbursements and General Ledger for the month of July, Crescendo Ventures-Quarterly Report, Boston Millennia-Quarterly Report, Budget Balances as of August, Monthly Transfers for August, Recent Retiree Deaths, Monthly Cash flow.

The correspondence and reports were received and reviewed by the Board Members and the Executive Director.

Motion made by Moynihan to adjourn at 6:00 P.M. second by Mantoni and voted unanimously.

Thomas M. Scanlon, Chairman

Robert P. Moynihan, Elected Member

Haskell Kennedy, Appointed Member

Patrick S. Burns, Appointed Member

Philip J. Mantoni, 5th Member